The Looming US Debt Crisis: A Fiscal Time Bomb Ticking Under Campaign Promises

The United States faces a significant economic challenge with its growing national debt, currently at $35 trillion. Experts warn that if not addressed, this could lead to a financial crisis. While stabilizing the debt at its current level is possible, it would require substantial measures like reducing annual deficits.

Both leading presidential candidates, however, propose plans that involve tax cuts and increased spending, further exacerbating the issue. Their proposals, popular with voters but detrimental to the debt problem, involve avoiding any changes to Social Security and Medicare, despite these programs facing future funding shortages.

Experts believe that a crisis might be the only catalyst for politicians to address the debt seriously. However, this would be the least effective and most costly approach. Although many voters express concern about the national debt, they are unwilling to accept the necessary measures, such as benefit adjustments or tax increases, to resolve it. Consequently, a more severe financial burden awaits everyone in the future.